US Congressmen Steven Horsford and Max Miller have reintroduced the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields Act, which seeks to update the US approach to crypto and taxes. The bill is set to be addressed in the coming months, and its outcome is crucial for US crypto owners who will need to report their digital asset holdings and transactions.
The revised bill features changes to 'de minimis' gains, which could exempt small transactions from tax reporting, making it easier for individuals to use crypto for everyday purchases. The latest draft also applies wash sale rules to digital asset transactions and distinguishes between 'passive staking' and trading activities.
Although the next steps for the bill are uncertain, industry participants are pushing for crypto to be included in any upcoming tax legislation.